Market Trends of Advanced Drill Data Management Solutions Industry
This section covers the major market trends shaping the Advanced Drill Data Management Solutions Market according to our research experts:
Conventional Segment to Dominate the Market
- In advanced drill data management, the data is administered with a single set of tools for importing, exporting, viewing, editing, and performing database administration. By centralizing all data available for an exploration & production asset in a single integrated data store, project data-management systems significantly reduces the amount of time spent moving data between applications.
- Data-management systems serve as readily accessible repositories for the knowledge about an asset. This knowledge comes from a variety of studies and continues to grow over the life of the asset. Data from the wells nearby can also help in determining the production rate of the wells that are being drilled, which may help in the increase in profits for the company using the system.
- Although conventional resources are considered easier to recover from the reservoirs, the fields have matured around the globe. Also, companies have to drill further to find viable oil and gas sources, which has led to an increase in the requirement for the drilling data management systems.
- According to BP Statistical Review, the production of gas has increased in the world by 3.4%, to 385.98 Billion cubic feet per day, in 2019 from 373.22 Billion cubic feet per day in 2018. Natural Gas has been replacing coal in the power industry and is expected to increase in production further in the forecast period, which may aid the growth of the advanced drill data management market.
- Hence, conventional resources are expected to dominate the market for advanced drilling data management solutions in the forecast period due to a large share of oil and gas production and increasing complexity in the recovery.
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North America to Dominate the Market
- North America increased its production of crude oil significantly by 7.1%, to 1116.5 million tonnes of oil, in 2019 from 1042.2 million tonnes of oil in 2018. Crude oil production is expected to increase further in the forecast period due to increasing investments in the increase of the wells. Growing numbers of wells are expected to aid the growth of advanced drill data management solutions.
- Unconventional resources have created a new paradigm in the industry that require a lot of multilateral and horizontal wells to be drilled, that require a lot of data handling. drilling data management market is expected to gain a lot from the increase in shale oil and gas production increase.
- Shale oil and gas wells have a characteristic of depleting much faster than a conventional well. So, to maintain the production levels, new wells need to be drilled, which require the assistance provided by the drill data management systems, thereby providing growth to the market.
- According to U.S. Energy Information Administration, Marcellus shale play is the largest producer of shale gas in the United States with producing 23.13 billion cubic feet of gas in April 2020. An increase in unconventional resources is expected to boost the drill data management market.
- Hence, North America is expected to dominate the advanced drill data management solutions Market due to the significant scale of investments and an increase in unconventional production in the region.
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